Bear cuts 310 jobs as it scales back mortgage business

Move follows similar job losses at Morgan Stanley and Lehman Brothers

By

AlistairBarr

SAN FRANCISCO (MarketWatch) -- Bear Stearns Cos. said on Wednesday that it's cutting 310 jobs as the investment bank scales back its residential mortgage lending business amid rising delinquencies and slumping volumes in the industry.

Jeff Walton, the current head of Bear Res, will be chief executive of the new unit, while Shabi Asghar, former head of Encore Credit, will be president, Bear said.

The move will allow the firm to reduce the size of the business to fit current market conditions and increase efficiency, Bear said. The firm has cut its mortgage origination workforce by 40% so far this year, it noted.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.